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Indiana University wide receiver Isaac Griffith has been upgraded to serious but stable condition and is expected to make a full recovery from his injuries, according to a statement from Sarasota Memorial Hospital. Griffith has been hospitalized since Monday after being involved in a swimming accident in Florida.

"The biggest issue right now is monitoring and treating him for pneumonia and damage to his lungs that followed his near drowning Monday afternoon," the statement said. "He likely will remain in Sarasota Memorial's Critical Care Unit for the next 24 hours and then be transferred to a regular nursing unit before being discharged in the coming days."

Griffith's parents, Shannon and Kim, released a statement as part of the hospital's media release:

"This is everything we hoped and prayed for. We appreciate all the prayers and kind words we received from friends and followers on Twitter over the past few days – and we are extremely grateful for the caregivers here at Sarasota Memorial. Not only Isaac's doctor, but also the nurses, respiratory therapists and other staff. They took our family under their wings, knowing a big part of our support system was up north, and helped us through this whole experience. We are so very grateful for everything."

Last night and thus far today have been very good for Isaac they have him sitting up in chair watching #NCAATournament.

According to a report from the Sarasota County Sheriff's Department, Griffith, a redshirt freshman, was swimming when he and a friend, Mitch McCune, were caught in a riptide at Siesta Key Beach and dragged into deeper water. McCune saw that Griffith was drowning and pulled him to shore, with the help of Ty Smith, another IU football player. McCune, who is studying to be an athletic trainer, then performed CPR while 911 was called.

The sheriff's department report said Griffith was drinking in a hotel room with McCune, Smith and Nick Stoner, another IU football player. According to the incident report, only one of the four, Stoner, is of the legal drinking age.

A Sarasota County Sheriff's Department spokesman said Thursday that, beyond some customary paperwork, their investigation is all but done and there are no charges pending. The spokesman said the department would need to complete what is called a supplemental injured person report, standard in incidents such as these.

"Me and Isaac got pulled farther out than everyone else," McCune said in a telephone interview with The Associated Press on Tuesday. "He was drowning and I grabbed him and got him to shore."

Follow Star reporter Zach Osterman on Twitter: @ZachOsterman.

Here are Shannon Griffith's tweets from Sarasota, Fla., where the accident occurred.

Today was a very good day for Isaac! Early this afternoon the doctors gave the orders to remove him from the ventilator and bring him